Self Control, Revealed Preferences and Consumption Choice

Faruk Gul and Wolfgang Pesendorfer ()

Review of Economic Dynamics, 2004, vol. 7, issue 2, 243-264

Abstract: We provide a time consistent model that addresses the preference reversals that motivate the time inconsistency literature. The model subsumes the behavior generated by the time-inconsistency approach in finite settings but, unlike the time-inconsistent models, allows for self-control. This paper provides a brief summary of theoretical results shown elsewhere (Gul and Pesendorfer (2001), (2002a), (2002b)) and contrasts the predictions and welfare implications of our model and the time-inconsistent beta-delta model. (Copyright: Elsevier)

Date: 2004
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DOI: 10.1016/j.red.2003.11.002

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